TEAM INTERNET GROUP PLC - H1 Results

Team Internet Group PLC reported H1 2026 trading in line with market expectations, highlighting improved earnings quality and progress across its strategic priorities. Gross revenue was $179m, while net revenue reached $61m and gross margin increased to 34% from 28%. Adjusted EBITDA was $19.5m and operating profit returned to $3m, marking the Group’s first half-year operating profit since H1 2024.  The Comparison division strengthened its position as a second earnings pillar, delivering 38% net revenue growth and 56% profit growth, supported by deeper monetisation, international expansion and new customer acquisition channels.  Search completed its transition away from AdSense for Domains and returned to monthly profitability in June, with next-generation monetisation products now accounting for 90% of segment revenue. Net debt stood at $117.6m at 30 June, reflecting tax and other non-recurring cash outflows, with management targeting a reduction towards $100m by year-end as cash generation improves in H2.  The strategic review of the Domains, Identity and Software division is at an advanced stage, with multiple interested parties and the Board reaffirming its expectation that the division’s value would materially exceed $160m. Management expects structurally stronger H2 earnings, supported by Comparison growth, Search profitability, international expansion and continued deleveraging.